Australian Prime Minister Anthony Albanese has announced a major new industrial policy— the Future Made in Australia Act—a taxpayer-funded incentive scheme for advanced manufacturing and clean energy projects.
Albanese said the Future Made in Australia Act would consolidate existing clean energy and manufacturing efforts, including the Hydrogen Headstart, Solar Sunshot and the government’s $15 billion National Reconstruction Fund.
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News of the policy was welcomed by Clean Energy Council CEO Kane Thornton, who said, “It is positive news that the Federal Government has plans to back its vision with a substantial policy agenda, putting renewable energy at the centre of our economic future.
“The highlighted areas of hydrogen, green metals and advanced clean energy manufacturing and assembly are genuine opportunities for Australia to expand, grow and diversify our economy centred around clean energy and create further demand for a large and skilled clean energy workforce.
“The US Inflation Reduction Act (IRA) has vastly redefined the global race to net-zero and the challenge ahead for Australia’s own energy transition.
“While the size of Australia’s economy means we cannot match the full scale and reach of the IRA, smart and focused policy and funding support can leverage our comparative advantages and expand our markets and economy.
“Establishing a coordinated response and building a more competitive renewable energy industry at home will create new jobs and opportunities, help Australia and the world to meet its climate and emissions commitments and ultimately set Australia up for future economic success.”
Climate Council senior researcher Dr Wesley Morgan said, “The world is changing fast with a big shift to clean energy industries, and Australia needs to act quickly to seize our advantage. Change is coming no matter what, so holding onto coal and gas exports is like clutching our Kodak cameras as the rest of the world goes digital.
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“Globally, the US’ stimulus for clean energy industries is pulling in enormous investment and reshaping energy supply chains. Making smart investments of our own can attract capital and more bright ideas to Australia as well, putting us at the heart of these new global energy and industry partnerships.
“With the right policy settings, the Future Made In Australia Act can unlock huge economic benefits—in new industries, more jobs and a safer climate future for every community. The federal government is making a smart choice by prioritising clean manufacturing.”
